The first step in buying a house is determining your budget. This calculator steps you through the process of finding out how much you can borrow. Fill in the entry fields and click on the "View Report" button to see a complete amortization schedule of your mortgage payments.

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Definitions Annual income Your annual income. For married couples this is your total combined annual income. Purchase price The price of the home you wish to purchase. This is the actual price you'll pay, not including any closing costs. Total monthly payment Total monthly payment that you can qualify for. This is the total of principal, interest, taxes and insurance paid each month. Often called PITI. Cash on hand Cash you have for the down payment and all closing costs. Interest rate The current interest rate you can receive on your mortgage. Term in years The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years. Property tax rate Your property tax rate. 1% for a $100,000 home equals $1,000 per year in property taxes. Home insurance rate Your homeowner's insurance rate. 0.5% for a $100,000 home equals $500 per year for homeowner's insurance. Monthly car payment(s) Total monthly payment for your car